In brief
Cybersecurity threats and risks are increasing each day, and cybercriminals are getting more sophisticated in their attacks. Companies need to ensure that their data security measures keep up with ever-changing regulations and that they have protocols in place to deal with cyber threats, breaches, and ransomware attacks. Retail brands recognize that in an increasingly connected world, cybersecurity should remain a top priority. A rigorous approach to cybersecurity and data protection is, therefore, crucial to counter the malicious threats emerging and evolving in response to the relentless drumbeat of digitization.
Cybersecurity in the Consumer Goods & Retail sector
Rapid technological advancements have made it easy for CG&R businesses to collect and store vast amounts of data, making them prime targets for cyber attacks. CG&R companies are often at the forefront of employing new technologies to enhance customer engagement and drive sales. Third-party supplier contracts require robust cyber and data security provisions to protect against supply chain attacks. Business disruption and operational impacts on manufacturing and sales make CG&R businesses attractive targets for malicious actors. Cyber attacks can imperil finances, operations, and brand reputation, compounded by potentially serious penalties from regulatory authorities around the world. Proactively investing in cybersecurity measures, regularly training staff, and adopting robust cyber incident response strategies are essential for safeguarding both business and customer interests and in navigating the changing legal frameworks that govern the digital economy.
To learn more about the cyber issues that the CG&R sector has to grapple with, tune in and listen to our Off The Shelf* podcast series. In Part 1, our speakers discuss the top privacy and cyber security challenges of the CG&R industry. They examine the types of data that brands may want to protect and explore steps they can take to avoid a data breach. In Part 2, our speakers delve into how brands can build a cyber program that complies with global laws and provide practical takeaways for retail businesses looking to improve their cyber strategy.
*Off the Shelf is the Global Consumer Goods & Retail Industry Video Podcast that provides short practical legal insights into the key issues affecting CG&R businesses. To view all episodes, visit the Off the Shelf video chat series.
Do you want to be cyber-resilient and cyber-ready? Check out our brochure that outlines how cybersecurity affects CG&R businesses and review our checklist of dos and don’ts in the event of a cyber incident.
We also recently launched the 2023-24 edition of the Global Legal Guide for Luxury & Fashion Companies in partnership with Thomson Reuters. It includes country-specific content as well as other topical issues in the luxury & fashion sector like cybersecurity, digital and online services and more. If you are interested in securing a copy of the guide, you can get a hard copy or e-book version directly from Thomson Reuters.
